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The text discusses the importance of having a proprietary information and inventions agreement for employees and consultants in a company. This agreement, also known as a confidentiality agreement, should be in place when the company is formed. It is crucial for every employee and consultant to sign this agreement to protect the company's intellectual property. Failure to have these agreements in place can cause issues, especially during M&A discussions. It is essential to ensure that all individuals involved in inventing technology have signed the necessary documentation.
